- Ripple's Xpring grants 1 billion XRP to Coil for driving adoption of XRP and the Interledger Protocol.
- A part of the grant will be used to build awareness of Coil among users, creators, and strategic partners.
Coil became the latest firm to receive funding from Xpring after they got a 1 billion XRP grant from Ripple’s investment arm. Coil offers creators a brand-new way of monetizing their content (apart from advertising and site-by-site subscriptions). The money is expected to be used towards increased adoption of XRP and the Interledger Protocol (ILP).
Stefan Thomas, CEO and founder of Coil and ILP, said:
"Creators want more choice and control over how their content is monetized and distributed. Web Monetization provides a solution that is more fair, open and inclusive for creators and fans around the globe. This initiative will help us level the playing field for creators by providing a better way to support content across the web."
Ethan Beard, Senior Vice President of Xpring, said:
"Advertising and site-by-site subscription models are ready for disruption. The low cost and fast transactions of XRP makes it an ideal tool for Coil to offer an alternative monetization method and have a positive impact on creators. At Xpring, we build infrastructure and support projects that enable the Internet of Value and increase the utilization of XRP -- we're excited to support Coil and the team in their journey."
Coil is planning to use the 1 billion XRP to build an ecosystem of creators, developers, companies and nonprofits who are using the Web Monetization open standard. A part of the grant will be used to create awareness of Coil among users, creators, and strategic partners. In May 2019, Coil had launched its monetized publishing platform for creators. This platform allows creators to post exclusive and public content on Coil. By adding a simple tag, creators can web-monetize their websites. People looking to support creators using Coil can join the community with a $5 monthly subscription fee. Creators, however, need not pay any membership fees.
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